India has just one local reinsurer after cancellation

Posted On: May. 13, 2019 5:39 AM CST

The Insurance Regulatory and Development Authority of India has cancelled the registration of local reinsurer ITI Reinsurance Ltd. as it was unable to commence business within the prescribed timeframe, Asia Insurance Review reports. This means that the General Insurance Corporation of India is the only domestic reinsurer operating in the country’s reinsurance sector.